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Barclays Blue Rewards review: Is it worth joining?

Find out all you need to know about the Barclays Blue Rewards scheme to see if it could work for you.

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By

Rachel Wait

Edited by

Jason Loewenthal

Updated

Fact checked

If you’re looking to get the most out of your current account and you bank with Barclays, opting to add Barclays Blue Rewards to your current account will enable you to earn a selection of cash rewards. Let’s take a closer look at how it works.

What are Barclays Blue Rewards?

Barclays Blue Rewards is a paid-for add-on you can select to include on your Barclays current account. The scheme costs £5 a month but in return, you’ll receive a monthly reward, plus money back if you have or open other products with the bank. Additionally, you’ll have access to the Blue Rewards Saver and Rainy Day Saver accounts which pay higher rates of interest compared to other Barclays’ savings accounts.

How to get the rewards

To earn the rewards, you’ll need to have a Barclays current account and agree to pay the membership fee of £5 a month. You’ll also need to pay at least £800 into your current account each month and register for the Barclays app or online banking.

You will receive a £5 monthly cash reward when you successfully pay 2 or more direct debits from your nominated account. You’ll then earn different monthly cash rewards for different products, as outlined below:

  • £3 a month if you have or take out a personal residential mortgage with Barclays
  • 3% cashback when you take out or renew home insurance with Barclays
  • £1 a month if you have or take out a personal loan with Barclays
  • £1.50 a month if you take out life insurance with Barclays or £5 a month for life insurance with critical illness cover (for first 12 months of cover only)

Note that when you earn the cash rewards, the money will be paid into your Rewards Wallet, not your Barclays bank account. You will then need to transfer the cash out of the wallet via online banking or the Barclays app.

What are the benefits?

The main benefits of Barclays Blue Rewards are the cash offers, both for holding the account and for opening other products with the bank. Keen savers will also be able to access more competitive savings accounts.

Who is it for?

Barclays Blue Rewards is suitable for anyone who holds a Barclays current account and is looking to earn something extra. To qualify for a Barclays current account you will need to be a UK resident and at least 18 years old. To qualify for Barclays Blue Rewards you will need to be happy to pay £5 a month, be able to pay at least £800 into your current account each month and register for the Barclays app or online banking.

Pros and cons of Barclays Blue Rewards

Pros

  • Range of cash awards available
  • The more products you have with Barclays, the more you earn
  • Access to more competitive savings accounts

Cons

  • You will need to meet the eligibility criteria
  • Cash rewards are not paid directly into your bank account
  • Membership fee of £5 a month

Our verdict: Is Barclays Blue Rewards any good?

If you’re a loyal Barclays customer, then opting to add Barclays Blue Rewards to your current account will enable you to earn a little extra cash each month. After all, the more products you have with the bank, the more you’ll earn. What’s more, you will have access to some very competitive savings accounts.

However, overall, it’s not the most competitive scheme out there. For a start, the £5 monthly cash reward is instantly erased by the £5 monthly fee. What’s more, the fact that you have to withdraw your cash rewards from your Rewards Wallet makes the whole process unnecessarily complicated. So it’s well worth comparing what else is on offer from other banks before taking the plunge. You can compare a range of current accounts from Barclays here.

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